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500 22nd St Ocean #1-4

MARATHON, FL 33050

$1,175,000 $4,953/Mo

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Overview

Bed

Bath

2,780

Sqft

Description

Seller Financing Available! Attention investors and business owners: This four-unit apartment building presents a compelling opportunity in the heart of the Florida Keys, offering immediate income with long-term strategic value. Each of the four units features a comfortable two-bedroom, one-bath layout, with long-term tenants currently in place, providing stable cash flow from day one. Each apartment is separately metered for electricity, allowing tenants to manage their own usage--an added benefit for ownership efficiency. The property also offers ample on-site parking, a valuable amenity in the Keys, along with a shared laundry facility located at the rear of the property, enhancing convenience for residents.The property is currently operating at an approximate 5.87% cap rate, with clear room for growth. Rents are presently below market, creating a realistic path for increased returns, with projections indicating the potential to achieve a 7.4%+ cap rate over time as adjustments are made in accordance with applicable guidelines.Toward the long-term, this property is deed-restricted affordable housing, making it particularly attractive for local employers seeking workforce housing solutions and investors focused on sustainable, community-oriented assets. Ownership may support employee retention while maintaining consistent demand in a high-need market.This offering represents a rare blend of steady income, upside potential, and long-term stability in one of the most sought-after areas of the Florida Keys.

Property Details

Property Type : Multi-family

Price : $1,175,000

AD Id : 73022907

MLS Id : 618043

Beds : 8

Living Area Size : 2,780

Year Built : 1973

County : Monroe

Subdivision: Baywood (104.0)

Map

What's Nearby

Nearby Areas

Features

Bedroom Information

Total Bedrooms: 8 Utility Room

Bathroom Information

Total Baths: 4 Full Baths: 4
Interior Features

Appliances: Refrigerator,Microwave,Oven,Range
Roofing Information

Combo Roof

Heating & Cooling

Cooling: Central Air,Ceiling Fans(s) Water Front: No None No Waterview

Window Information

Window Treatments: Single Hung Windows

Building Information

Year Built: 1973 Total Units: 4.00 Floor Location: 6002 Construction: CBS Roof: Combo Roof

Lot Information

Lot SqFt: 6,002 Lot SqFt Source: Property Data Card 9 66 32 KEY VACCA PT GOV LT 2 ADJ AND S OF LT 6 BLK B R AND R SUBD
Property Information

SQ ft (Living Area): 2,780 View: No Waterview Subdivision: R & R Subdivision (48.5) Stories: 2 Stories

Listing Price Information

List Price: $1,175,000
Listing Information

Seller Finance Psble

Tax Information

Taxes: $7,700 Tax Year: 2025 Parcel Number: 00102830-000100 Tax Exemptions: None

Multi-Unit Information

Pets Allowed: Pets Allowed
Homeowners Association Information

Mandatory Home Owners Asc: No 1st Right of Refusal: No Association Fee: $0.00

Utility Information

FKAA,Elect Separate Meter,Water Separate Meter

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Nearby Home Value

Address	Estimate	Bed	Bath	Sq. Ft	Lot Size
440-442 48th Street Ocean, Marathon, FL, 33050	$1,725,000	6	5	2,244	2,244 SqFt
2394 Coco Plum Drive, Marathon, FL, 33050	$11,000,000	18	21	12,198	12,198 SqFt
14 125th Street Gulf, Marathon, FL, 33050	$3,549,000	--	--	--
668 & 670 89th Street O.., Marathon, FL, 33050	$1,725,000	4	4	2,016	2,016 SqFt
668 89th Street Ocean, Marathon, FL, 33050	$899,000	2	2	1,008	1,008 SqFt
329 63 Court Gulf Court, Marathon, FL, 33050	$675,000	2	2	1,302	1,302 SqFt
17-18 Man-o-war Drive, Marathon, FL, 33050	$1,300,000	4	4	1,668	1,668 SqFt
17 Man-o-war Drive, Marathon, FL, 33050	$690,000	2	2	834	834 SqFt
18 Man-o-war Drive, Marathon, FL, 33050	$690,000	2	2	834	834 SqFt
1306 &1308 51st Street .., Marathon, FL, 33050	$990,000	4	2	1,568	1,568 SqFt